Long awaited, the Model 3 is intended to be Tesla’s first “moderately priced” car. Tesla has said that it will have a starting price of about $35,000, which will likely be reduced further by the electric vehicle subsidies on offer in many countries around the world.

Die-hard Tesla fans who are expecting to buy the car regardless of what is revealed at the end of March should start saving, however. In a tweet this morning, Musk confirmed that reservations for the car will open at the same time as it is revealed to the world - with a $1,000 deposit necessary.

Elon Musk (@elonmusk)

Model 3 reservations ($1000 down) will be accepted in Tesla stores on March 31 and online April 1

But don’t hold your breath for the reservation to be delivered. Even the best estimates of how long it will take to produce the first Model 3s have them arriving towards the end of 2017, and if the Model X is any indication, that date could slip markedly. The X was eventually delivered three years late.

The Model 3 will be the third major car in Tesla’s fleet. The Model S, a luxury sedan, was launched in 2012, while the Model X, an SUV/people carrier crossover, was launched last year. Musk has repeatedly commented on how the model numbers of the three cars will eventually spell out the word “S3X”.

A fourth Tesla, the Roadster, launched the Tesla motors range. A sports car based on the Lotus Elise, around 2,500 roadsters were sold before the range was discontinued in 2012.